Named after Frank Munsey, the publisher of Argosy and numerous other magazines and newspapers, this award was created by PulpFest in 2009 as a continuation of the Lamont Award presented at Pulpcon. The award is presented to a deserving person who has given of himself or herself for the betterment of the pulp community, be it through disseminating knowledge about the pulps or through publishing or other efforts to preserve and to foster interest in the pulp magazines we all love and enjoy. The winner is selected through a vote cast by all the living Lamont Award, Munsey Award, and Rusty Award winners.

In January, 2012 shortly after the death of Rusty Hevelin, it was announced that the Munsey Award would be renamed the Rusty Hevelin Service Award. However, a new award by that name has, instead, been introduced.